The Influence of Private Enterprises' Pyramid Sharing Structure to IPO Under-pricing——Test of Two Theories

According to information asymmetry theory and agency theory,information disclosure and agency cost will show themselves in the IPO under-pricing.On the basis of the sample composing of 84 private pyramidal structure IPO companies,the research on the influence from pyramid characteristics to IPO under-pricing finds that those two theories have mixed effect on IPO under-pricing.